As we kissed 2023 goodbye for it's hellacious buyer's market (inventory at a 28-year low) and an incredibly lucrative year for sellers who could find something to move to, (national median price of $389,900), it's time to reflect on the rollercoaster ride that was the real estate market in the Mansfield-Storrs-UConn, CT area. From soaring highs to unexpected lows, the past year has been a journey for both homebuyers and sellers.
The Highs: A Booming Seller's Market
Rising Home Values: The Mansfield-Storrs-UConn region witnessed a surge in home values throughout 2023, although not quite as much as other parts of the country coming in at 7.8%.
Quick Sales at Full Price: The seller's market led to homes selling at just 0.03% less than full listing price for 2023.
The Lows: Lowest Inventory in 28 Years
Rising Mortgage Rates: The real estate market felt the impact of increasing mortgage rates, which posted the highest rates since 2000. The higher cost of borrowing precluded many buyers from bidding or buying due to their decreased buying power and competition with investors or cash buyers.
Limited Inventory: While the seller's market brought good fortune to homeowners, it presented challenges for buyers. Listing inventory in Mansfield was down by 23.6% in 2023.
The Best: HST Home Selling Team: In spite of the obstacles to a healthy and robust real estate year, HST Home Selling Team posted stellar results at year-end in number of transactions and an overall market share of just under 20% in our market area. 
2024 is predicted to be another challenging year for real estate, with increasing competition, lower rates and continued fence-sitting by buyers and sellers waiting for a more favorable environment. You need a good agent and a good team with local knowledge and expertise to get you where you want to be-not an algorithm and a virtual company. Contact us to sell or buy in the local area.
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